Liquidators appointed to Foyleside Ltd.

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The members of Foyleside Ltd., the real estate company, which owns the largest shopping centre in Londonderry, have appointed liquidators.

According to a notice newly published in the Belfast Gazette Michael Healy and Gareth Rutt Morris both of FRP Advisory LLP, London EC4N 6EU were appointed on December 12.

According to the notice the liquidators have been appointed in order to carry out a reconstruction arrangement based on an agreement, which has been circulated amongst shareholders of the company.

The reconstruction is to be carried out in accordance with article 96 of the Insolvency (Northern Ireland) Order 1989, which refers to the “acceptance of shares, etc., as consideration for sale of company’s property.”

Article 96 applies, in the case of a company proposed to be, or being, wound up voluntarily, where the whole or part of the company’s business or property is proposed to be transferred or sold.